Carbon emissions from tropical deforestation account for about 25% of all anthropogenic carbon dioxide emissions but cannot be credited under current climate change agreements. In the discussions around the architecture of the post-2012 climate regime, the possibility of including credits for reduced emissions from deforestation arises. The paper reviews two approaches for this, compensated reductions (CR) as proposed by Santilli et al. and the Joint Research Centre proposal that combine voluntary commitments by non-Annex I countries to reduce emissions from deforestation with carbon market financing. Both approaches have the clear advantages of simplicity and the possibility of fitting to an evolving greenhouse gas emission reduction regime. The authors consider the strengths and limitations of each proposal and build upon them to address several implementation challenges and options for improvement. Given the urgency of avoiding dangerous climate change, the timely development of technically sound, politically acceptable, cost-effective and practicable measures to reduce emissions from deforestation and forest degradation is essential. These two approaches take us a step closer to this goal, but they need to be refined rapidly to enable this goal to be realised.